Speaking of open source, the Bitcoin cryptocurrency source code is open. Hence, all the crazy digital currencies that have come out.
Bitcoins have received a fair share of criticism, but it seems most critiques of the electronic currency are a thing of the past. The digital currency is gaining widespread acceptance, including the installation of bitcoin ATMs at various locations throughout the world, the ability to pay in bitcoins at casinos in Las Vegas and even the ability to pay for tuition in the virtual coin. Goodbye paper dollars, hello bitcoins.
Robocoin recently created its very first Bitcoin ATM and competitors are following suit. Genesis 1 announced the creation of its bitcoin ATM, which it will feature at the 2014 ATM Industry Association U.S. Conference February 11-13 at the Loews Royal Pacific Resort at Universal Studios in Orlando, Florida. Bitcoin ATM manufacturer Lamassu has also joined the trend. It sold its 100th bitcoin ATM in December and has 120 order already placed for 2014.
The enthusiasm has crossed into Las Vegas, where this week two casinos announced they will be the first in the industry to accept bitcoins as currency. Both The D and Golden Gate hotels, along with select gift shops and restaurants on-site, reported they will accept the electronic currency as cash. Each cashier station at the establishments will be equipped with the electronic payment service BitPay to make the transaction seamless.
While it may not be a surprise that bitcoin ATMS are popping up everywhere, most probably wouldn’t assume that universities would accept the virtual coin as cash, until now. A private university in Cyprus led the charge and now the United Kingdom announced its first university to accept bitcoins. Students at the University of Cumbria can currently pay for up to two classes in bitcoins, what the university calls an experiment.
While there are still concerns about the security of bitcoins compared to physical currency, it certainly seems the virtual coin is catching on. Will bitcoins replace physical currency? Only time will tell.
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